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Duped of Rs 331,000: Should I involve RBI again to recover remaining amount?

Ramalingam

Ramalingam Kalirajan  |6275 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 22, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Yashvir Question by Yashvir on Aug 22, 2024Hindi
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Sir , I became a victim of cyber crime. Following legal procedure Court ordered cyber police to recover 331000/- from the freezed amount from scammers account in April'24 and cyber police sent mails to Indu Sind Bank to release the amount,but the bank kept mum. Then I lodged a complaint with PMO and RBI after writing several mails and Cyber Police also sent several reminders to the Bank. RBI took immediate action and sent mail to the bank. The entire process took more then 4 months. Finally bank informed me that only Rs 83000/- is available in scammer's account which was given to me. What a I feel is , if had the bank taken immediately action after receiving court order from cyber police, I could have been paid entire amount of Rs 331000/- Since I am in great loss because of bank delaying credit for 5 months , Should I involve again RBI to request to get me balance amount?? Your advice please.... Show quoted text

Ans: It's unfortunate that you've faced this situation. You acted correctly by involving the legal process. The bank's delay is indeed concerning.

Bank’s Delayed Response
The court’s order was clear, and the bank’s delay caused a significant loss. Timely action by the bank might have resulted in full recovery.

Consider Involving RBI Again
Given the circumstances, it would be prudent to involve RBI once more. You should explain the loss incurred due to the delay in their action. It is essential to request RBI’s intervention to ensure the bank fulfills its responsibilities.

Legal Advice Option
You may also consider consulting with a legal expert. They can guide you on whether further legal action against the bank is possible.

Final Insights
Your efforts were commendable, and your next steps should focus on accountability. Holding the bank responsible for its delay is important.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |6275 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 17, 2024

Asked by Anonymous - Jan 23, 2024Hindi
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I have reported a fraudulent (phishing message) transaction to the bank with all details within 1 hour and reported to national cyber crime as advised with 2 hours of this transaction. I am following up with all regulatory authorities- HDFC remitter account, INDUSIND BANK payee account, RBI, NIC , for reversal of transaction. But bank says this is beyond their jurisdiction, as the transaction was done at my end with otp. What i am given to understand that if by mistake you transfer to some other account, banks will not share any information of the receiving person/account., after raising the written complaint with bank, cyber crime, RBI; and when they have a KYC registered system.
Ans: You're absolutely right to be following up on this fraudulent transaction. Here's a breakdown of the situation and potential next steps:

Challenges:

Time Sensitivity: Acting quickly after a fraudulent transaction increases the chance of recovery. You've done well by reporting it within an hour to your bank and cybercrime authorities.
OTP Verification: Since the transaction was authorized with your OTP, retrieving the funds might be difficult. However, it's still important to pursue all avenues.
Recommended Actions:

Follow Up with Bank: While the bank might initially say it's beyond their control, be persistent. Request to escalate your complaint and speak with a supervisor or fraud department representative. Explain the fraudulent nature of the transaction and the promptness of your reporting.
Cybercrime Investigation: Cooperate fully with the cybercrime investigation. Provide any additional information they request and maintain communication.
RBI Complaint: If the bank remains unhelpful, consider filing a formal complaint with the Reserve Bank of India (RBI) Ombudsman. Here's the link to file a complaint with the RBI Ombudsman: [RBI Ombudsman Complaint ???? ????]https://rbi.org.in/Scripts/Complaints.aspx
Dispute with IndusInd Bank: While they might not share beneficiary details due to privacy regulations, you can try filing a dispute with IndusInd Bank, stating the fraudulent transaction and requesting a reversal.
Additional Tips:

Gather Evidence: Maintain copies of your complaint documents, cybercrime FIR (First Information Report), and all communication with banks and authorities.
Report to Credit Bureaus: If the fraud impacted your credit score, consider reporting it to credit bureaus (CIBIL, Experian, Equifax) to initiate a dispute resolution process.
Understanding KYC Limitations:

KYC (Know Your Customer) helps verify account holder identities. However, it doesn't guarantee the legitimacy of every transaction. KYC details might not be readily available due to privacy regulations, making it harder to track fraudulent beneficiaries.
Stay Hopeful:

While recovering the funds might be challenging, your prompt actions increase your chances. Persistence and following the recommended steps can help.

Remember, it's important to be cautious with future transactions and never share OTPs with anyone.

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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Jan 30, 2024

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I have reported a fraudulent (phishing message) transaction to the bank with all details within 1 hour and reported to national cyber crime as advised with 2 hours of this transaction. I am following up with all regulatory authorities- HDFC remitter account, INDUSIND BANK payee account, RBI, NIC , for reversal of transaction. But bank says this is beyond their jurisdiction, as the transaction was done at my end with otp. What i am given to understand that if by mistake you transfer to some other account, banks will not share any information of the receiving person/account., after raising the written complaint with bank, cyber crime, RBI; and when they have a KYC registered system. MoI have reported a fraudulent (phishing message) transaction to the bank with all details within 1 hour and reported to national cyber crime as advised with 2 hours of this transaction. I am following up with all regulatory authorities- HDFC remitter account, INDUSIND BANK payee account, RBI, NIC , for reversal of transaction. But bank says this is beyond their jurisdiction, as the transaction was done at my end with otp. What i am given to understand that if by mistake you transfer to some other account, banks will not share any information of the receiving person/account., after raising the written complaint with bank, cyber crime, RBI; and when they have a KYC registered system. 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Now on liquid food only for 3 years, gastritis also a problem. please advise Health DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act. © 2024 Rediff.com - Disclaimer - Privacy - Terms of use - Grievances - Feedback Sreekumar Sreekumar Categories Health Money Relationship Career Gurus Dr Radhakrishnan Pillai Rohit Gupta Rajesh Nair Sarvesh Agrawal Ankit Mehra Abhishek Shah Aashish Sood Patrick Dsouza Mayank Rautela R P Yadav See All GURUS ney Not Answered yet Sreekumar Asked on - Nov 07, 2023 I am not getting my monthly pension from provident fund account Money Not Answered yet Sreekumar Asked on - Oct 12, 2023 what is the good medicine for trigenimal neuralgia, taking tegretol 600 daily , but have serious stomach discomfort and shoulder / leg pain Health Not Answered yet Sreekumar Asked on - Sep 19, 2023 Health insurance renewal premium increased by 20 % last year and this year also, for senior citizen any advise Money Not Answered yet Sreekumar Asked on - Sep 08, 2023 Thanks for your response. 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RediffGURUS is an intermediary as per India's Information Technology Act. © 2024 Rediff.com - Disclaimer - Privacy - Terms of use - Grievances - Feedback Sreekumar Sreekumar Categories Health Money Relationship Career Gurus Dr Radhakrishnan Pillai Rohit Gupta Rajesh Nair Sarvesh Agrawal Ankit Mehra Abhishek Shah Aashish Sood Patrick Dsouza Mayank Rautela R P Yadav See All GURUS
Ans: Sorry, this follow-on question is outside my competancy please.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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